Transferwise personal accounts and business transactions

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Xanthos

New member
Hey everyone,

Just wondering if any Transferwise users on here with personal accounts ever do business transactions with their accounts? I've made the odd transfer here and there (sub $300) that were for business purposes but I'm considering a payment (under 10k) to pay a supplier and re-considering it due to risks of getting shut down. Any thoughts? Needless worrying?

Thanks!
 

JohnnyDoe

Mentor Group Gold
Hey everyone,

Just wondering if any Transferwise users on here with personal accounts ever do business transactions with their accounts? I've made the odd transfer here and there (sub $300) that were for business purposes but I'm considering a payment (under 10k) to pay a supplier and re-considering it due to risks of getting shut down. Any thoughts? Needless worrying?

Thanks!
Whatever you do will cause your wise account to be blocked/closed. Business transactions on a personal account will definitely make this happen quicker.
 

wellington

Entrepreneur
years ago, yes under the laws of my birth nation, it's legal to use a personal account for business, but you can't co-mingle, moved 600,000 into wise and paid staff overseas over the proceeding year, didn't really know about locking etc or problems with wise, and never had any.

Not until i tried to open a company account for BVI lol, then my account (with 15k) was frozen, and ended up contacting the CEO who had the account reinstated just not with the BVI account (outside their risk profile as a asset holding company).

Never had issues since (touch wood) and been with wise since they first existed.

Probably paid close to 2m through it commercially over the years for staff, outsourcing, etc.
 

lostguy

Mentor Group Gold
Business transactions on a personal account will definitely make this happen quicker.
agree, don't do that. Opene a business account with them if needed.
 

NicolasMaduro

Entrepreneur
Hey everyone,

Just wondering if any Transferwise users on here with personal accounts ever do business transactions with their accounts? I've made the odd transfer here and there (sub $300) that were for business purposes but I'm considering a payment (under 10k) to pay a supplier and re-considering it due to risks of getting shut down. Any thoughts? Needless worrying?

Thanks!
There is a risk that you would get shut down. If the supplier is inside EU(and not Malta/Bulgaria) and not some shady ****, then probaly nothing will happen for 1 payment.
 

lostguy

Mentor Group Gold
Would it cause problems to receive Stripe payouts to personal Wise, Revolut or N26 account?
About 2000-6000€ monthly and to use their debit card to pay Google Ads?

Unfortunately Transferwise business account is not currently available in my country in Scandinavia.
Thanks in advance!
yes it will bring troubles to the table. Don't do that. either get a business account or find somewhere else to get your money to.
 

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